Re-bar prices at few
mandis' fell on Friday after being unchanged from past few days. Accumulated
stocks and selling pressure made manufacturers to cut their offer prices.
Re-bar in Hyderabad
dropped by Rs 400/MT due to weak demand and 12 mm traded at Rs 37,600/MT.
Whereas, Re-bar in Chennai was offered at same level and market participants expect prices to come down on Monday.
According to
manufacturers, “It is difficult to predict that when will the market rebound.
Enquiries have dropped further this week and we are cutting offers slightly to boost the buying interest. Production level have also dropped to avoid further accumulation
of stocks.”
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